Aicpa review questions - Study guides, Class notes & Summaries

Chapter 1: Introduction to Business Activities and Overview of Financial Statements and the Reporting Process TRUE/FALSE 1. The activities of a business include establishing goals and strategies, obtaining financing, making investments and conducting operations. ANS: T PTS: 1 DIF: 1 REF: pp. 3-6 OBJ: LO: 1-01 NAT: BUSPROG: Analytic STA: AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements KEY: Bloom's: Knowledge 2. Goals are the end results toward which the firm directs its energies, ...

C213 Accounting for Decision Makers | Review Questions & Answers | Verified Answers 1. What is IASB? a. International Accounting Standards Board (based in London). 2. What does the IASB do? a. Create and regulate the accounting rules around the world (except US). 3. Who creates and regulates the accounting rules for the US? a. Financial Accounting Standards Board (FASB) *(based in NY) 4. How does management accounting differ from financial accounting? a. Management accounting is used pr...

Chapter 1 1. The objective of most businesses is to maximize profits. ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARDS: KEYWORDS: True 1 Easy SACC.W ARR.15.01 United States - BUSPORG: Analytic United States - AK - DISC: AICPA: FN-Measurement Bloom's: Knowledge ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARDS: KEYWORDS: - LO: 1-1 3. A partnership is owned by two or more a. b. ANSWER: POINTS: DIFFICULTY: ...

Intermediate Accounting Exam 1 Review Questions With 100% Correct Answers Essential characteristics of accounting - answerthe identification, measurement, and communication of financial information about economic entities to interested parties Financial accounting - answerprep financial reports on entity for internal and external parties Managerial accounting - answeridentify, measure, analyze financial info needed by management to plan, control, and evaluate comp operations What are exa...

Strategic Management is the first high level necessary task to implement proactive privacy management through the following 3 subtasks: - (1) Define Privacy Vision and Privacy Mission Statementnn(2) Develop Privacy Strategynn(3) Structure Privacy Team Strategic management of privacy starts by creating or updating the organization vision and mission statement based on privacy best practices that should include: - (1) Develop vision and mission statement objectivesnn(2) Define pri...

Chapter 03 Data Modeling True / False Questions 1. The Object Management Group maintains the standard for Unified Modeling Language (UML) Class diagrams. True False 2. Unified Modeling Language (UML) Class diagrams describe the logical structure of a database system. True False 3. A Class is a separately identifiable collection of business relationships. True False 4. In Unified Modeling Language (UML) Class diagrams, a Class is represented by a rec...

Chapter 3 Courts and Alternative Dispute Resolution N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank, = A question included in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. The function of the courts is to interpret and apply the law. ANSWER: T PAGE: 53 TYPE: = NAT: AACSB Analytic AICPA Legal 2. The courts can decide ...

AICPA, Exam Review Questions ( ANSWERED) Which of the following characteristics most likely would heighten an auditor's concern about the risk of material misstatements arising from fraudulent financial reporting? The entity's industry is experiencing declining customer demand. Employees who handle cash receipts are not bonded. Bank reconciliations usually include in-transit deposits. Equipment is often sold at a loss before being fully depreciated. - -The entity's industry is expe...

LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions With 100% Correct Answers 2024. any independent service that improves the quality of information (financial or non-financial) Assurance Services What two other services fall under the umbrella of Assurance services? 1. Attestation Services 2. Audit Services Name the 4 other services of Assurance services: 1. Risk advisory services 2. Compliance with EPA standards 3. Website security 4. Data integrity independent CPA (or practiti...

Audit definition CORRECT ANSWER an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning CORRECT ANSWER use "material" in the context of whether reasonable people would consider that an omission or misstatement would have changed their opinions regarding the auditor's conclusions. Which Agency issued the Generally Accepted Auditing Standards? CORRECT ANSWER AICPA - The American Institute of Certified Public Accountan...